SoftBank’s ARM Cedes Control of China Ops to Consortium for $775 Million

British chipmaker ARM Holdings, a unit of SoftBank Group Corp, will cede control of its Chinese business to a group of local investors in a $775 million (roughly Rs. 5,200 crores) deal.

Arm will be selling the 51 percent of ARM Technology China to a consortium led by Hou An Innovation Fund, which is jointly managed by ARM and Chinese private equity firm Hopu Investments, a source close to the deal told Reuters.

The chipmaker will then form a joint venture (JV) with the consortium, the source added.

The deal will help boost opportunities for ARM in China, SoftBank said in a statement on Tuesday.